Description
Gain a better understanding on bankruptcy law and the impact of federal and state taxable income as well as tax attributes as a result of bankruptcy.
As result of the possibility of significant bankruptcy during this time, it is important that practitioners have a working knowledge of the issues that face an individual who files a Chapter 7 or Chapter 11 bankruptcy. Since the biggest debt that a bankrupt individual faces is debt on real property including a personal residence, a practitioner needs to understand what tax impacts arises as a result in a discharge in some portion of the amount outstanding. This topic will help you be able to have an understanding of the rules surrounding forgiveness of debt, restructuring of debt and the impact of taxable income.
Date: 2020-08-31 Start Time: 1:00 PM ET End Time: 2:40 PM ET
Learning Objectives
* You will be able to discuss bankruptcy law and the impact of federal and state taxable income.
* You will be able to describe the impact of forgiveness of debts as it relates to taxable income.
* You will be able to identify tax attributes as a result of bankruptcy.
* You will be able to recognize debts that are not just in bankruptcies.